Growth in German services sector loses momentum in August, PMI shows

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September 4, 2024 4:04 AM EDT

A double decker bus passes the skyline with its dominating banking district in Frankfurt, Germany, November 8, 2023. REUTERS/Kai Pfaffenbach/File Photo

By Maria Martinez

BERLIN (Reuters) - Growth in Germany's services sector slowed for a third consecutive month in August, a survey showed on Wednesday, in a further sign that Europe's biggest economy is losing steam.

The HCOB final services Purchasing Managers' Index eased to 51.2 from 52.5 in July. Although slightly below a preliminary estimate of 51.4, it was above the 50.0 mark that separates growth from contraction for a sixth straight month.

"Without growth in the private service sector, Germany’s economic picture would be pretty grim," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, noting the sector's resilience had helped offset recessions in manufacturing and construction.

"But that support is starting to weaken," he added.

Employment fell for a second month running, the survey showed, contrasting with consistent job creation during the first half of the year.

August's survey data showed little change in expectations for the year ahead.

The composite PMI index, which comprises services and manufacturing, fell to 48.4 in August from 49.1 in July, slightly below a preliminary reading of 48.5.

(Reporting by Maria Martinez; Editing by Christina Fincher)


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